And when the property was put up for sale less than six months ago, Feigenbaum, who lives near the Coronet on Geary Boulevard, said he was unhappy to see “the loss of another single-screen movie theatre.”
But Feigenbaum, the founding director of the Goldman Institute on Aging, also sees a positive side to United Artist Theatre Circuit’s decision to sell the property.
The Goldman Institute, a nonprofit offshoot of Mount Zion Hospital’s geriatric programs, purchased the Coronet property for $8.5 million earlier this month. The institute plans to demolish the theater and build a new 50,000- to 100,000-square-foot consolidated health services center, a boon to San Francisco’s elders.
“There was talk about a liquor store coming in,” said Feigenbaum of the property sale. “I certainly think what we’re doing is a far better thing. It will help a lot of people.”
The Coronet, which opened more than 50 years ago, will remain in business for at least another six months. In a letter to Goldman Institute President Steven Gold, United Artists’ director of real estate Scott N. Hall said the theater had “no choice but to close.”
“Even though the Coronet has a long history in San Francisco and we would like nothing better than to continue operations, it is simply unprofitable to continue,” he wrote, citing customer preference for multiplex theaters with cup holders and better sound systems. “The economic realities that face all single-screen theatres including the Coronet are distressing.”
The Goldman Institute currently rents and operates three buildings with multiple services across the street from the Coronet on Geary Boulevard. Gold said the three facilities charge high rents and are overcrowded. Some have steps at the entrances, making access difficult for some elderly patrons.
“Our current building space is dysfunctional and needs to be enhanced,” he said. “We’re ecstatic we had the opportunity to purchase such a prime location which allows us to continue to provide service in the same community where we’ve been for years.”
The Goldman Institute was named after the late San Francisco philanthropist Rhoda Haas Goldman, who donated time and money to many civic and Jewish causes. Over the last 15 years, the nonsectarian institute has helped to keep thousands of frail elderly, many of whom are Jewish Russian émigrés, in their own homes through various programs.
“Most of us, given the option, would prefer to be in our own home” as we grow older, said Feigenbaum. The Goldman Institute helps elders “avoid premature or unnecessary institutionalization” in a nursing home.
During the next 20 years, the number of elders in the Bay Area is expected to increase dramatically, he said. Without the expansion, the already overcrowded facility could be further strained.
“I was growing concerned,” said Feigenbaum. “With the new building, we’ll be able to help them.”
Gold said the institute is currently formalizing a fund-raising campaign to cover the purchase, renovation, equipment and future building maintenance costs, estimated at $25 million.
Primary architectural renderings of the building should be ready within the next 30 days.
“We’ll hopefully break ground by the end of 2001,” said Gold.
If all goes well, the neighborhood seniors will have a new and improved place by December 2002.